I don’t recommend it, but a worldwide unified bailout is the only secular solution
By DiMarkco Chandler
Athens, Greece—The New Democracy party captured a victory over the radical left Syriza party in Greece today, signaling a pause and an approval from the Greek citizenry that they want to continue on with their membership in the Eurozone.
The vote was crucial as experts warned that if the Syriza party had prevailed, an almost immediate collapse of world financial markets would have followed. Greece has been in deep financial trouble since May, 2010, whereas extremely high borrowing rates left them locked out of international markets.
Their circumstances were the result of reckless spending and the falsifying of financial information. In order to survive, Greece was forced to enter into agreements with European banks and countries that required them to make drastic spending cuts in order to receive bailout money. The action threw Greece into a debilitating recession which subsequently resulted in leaving them with an unemployment rate above 22 percent. In the aftermath, thousands of businesses had no other alternative than to close their doors.
With the win of 29.5 percent of the vote, as opposed to Syriza’s 27.1 percent, Antonis Samaras, leader of the New Democracy, has stated that his top priority is to stay in the Eurozone as long as Germany would help negotiate relief from some of the austere measures that have the Greek people suffocating.
On the other, Tsipras, the 37-year-old student activist maintains his commitment to cancel the terms of Greece’s international bailout deal so that he can repeal the austerity measures his country is suffering through.
It is important to note here that Greece is by no means out of the woods yet as the New Democracy party lacks enough votes to get any legislation passed. Samaras will have to form a coalition government in order to pass legislation. That means he will have to reach out to the socialist Pasok party in order to have enough seats in the 300 member parliament to implement his agenda.
Greece’s debt has reached a massive $300 billion. Their default would throw worldwide markets into financial chaos.
Perhaps this information has not been adequately explained, so I’m here to tell you: Civilization, we have a PROBLEM!